The victim, a man in his 30s, was found in Manchester Road with "what appeared to be life-changing injuries" at around 6.20am today (December 4).
He was taken to hospital where police said he remained in a "serious but stable condition".
An investigation was launched into the attack and police urged anyone with information to come forward.
Police have since arrested a 21-year-old man from Accrington on suspicion of attempted murder.
Det Sgt Alex Rawsthorn, of Lancashire Police, said: "This incident has left a man in hospital with extremely serious injuries and our enquiries are very much continuing.
"We are now treating it as a targeted attack and do not believe there is any wider threat to the public.
"Earlier today we asked anybody with information to get in touch with us, and we would like to thank those people who came forward to share what they knew.
"We have now arrested a 21-year-old man and he remains in custody."
Anyone with information can contact police by calling 101, quoting log 325 of December 4.
Alternatively, independent charity Crimestoppers can be contacted anonymously on 0800 555 111 or online at crimestoppers-uk.org.
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